Officially, the loss-making securities business will have an opportunity to present a case to remain open within the next 30 days. In reality, during that time its 27 corporate clients will seek alternative brokers.

Altium dates back to the early 1980s when the founders of Apax Partners, the private equity group, set up a corporate advisory business operating in the Britain, America and France. Broking is responsible for only a fifth of the group revenues: the lion’s share is derived from the advisory business.